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IFRS: 3 Big Changes you Need to Know
Over the coming years there are three major new international accounting standards that companies should be aware of. BDO’s Global IFRS team has prepared a short video summarising these three standards – IFRS 15, IFRS 9 and IFRS 16. We encourage you to take the time to view the video and learn more. If after viewing this video you have any questions or would like to know more about the anticipated impacts of the IFRS changes and what they could mean for your company please speak to our Audit & Technical team.

BDO Global - Cybersecurity
The need for a more proactive cyber defence In the current dynamic security threats landscape, organisations need to prove to stakeholders that they pay more than lip-service to cybersecurity. To do this they need to demonstrate two things: Firstly to 'raise their gaze' and establish better sight or awareness of the threat environment, coupled with greater self-awareness of their own failings and weaknesses. The second is to 'raise their game' -by developing a higher state of readiness to deal with cybersecurity incidents. But what does this mean and how can organisations justify establishing the capabilities and appropriate level of maturity in their security operations and establishing a proper defensive posture? Danny Solomon, BDO Israel's Head of International Consulting in the firm’s Cybersecurity Centre, provides some thoughts. Click on the download button below to read the full whitepaper: https://www.bdo.global/en-gb/insights/advisory/cybersecurity/the-need-for-a-more-proactive-cyber-defence Are you interested in: - Risk Analysis - Managed Cybersecurity Services - Cyber Insurance At every point in the evolution of a business, there are IT issues to attend to. We will work with you to: - Provide instant support in assurance services - Make informed business decisions on practical IT solutions - Maximize IT value while managing risks and costs

IFRS 15 - Step 5 - Recognise Revenue when each Performance Obl...
IFRS 15 - Step 5 - Recognise Revenue when each Performance Obligation is satisfied Under IFRS 15, revenue is recognised when control passes from vendor to customer. Indicators of whether control has passed from vendor to customer include: - Does the vendor have the right to be paid for the asset? - Does the customer have legal title to the asset? - Has the vendor transferred physical possession of the asset? - Who has significant risks and rewards of ownership? - Has the customer accepted the asset? It is important to note that transfer of risk and reward is only one indicator. Published on Sep 13, 2016 by BDO Global

IFRS 15 - Step 4 - Allocate the Transaction Price to Performan...
IFRS 15 - Step 4 - Allocate the Transaction Price to Performance Obligations (BDO) If a contract has more than one performance obligation, the transaction price must be allocated to individual performance obligations. This should be done on the basis of relative stand-alone selling prices of the good/service. This step is very much interlinked with the results of step 2, in many cases step 2 will have identified distinct performance obligations that the entity does not usually charge for separately or are instead treated as marketing expenses, such as a “ free “ warranty, installation, updates etc. Published on Sep 13, 2016 by BDO Global.

IFRS 15 - Step 3 - Determine the Transaction Price (BDO)
IFRS 15 - Step 3 - Determine the Transaction Price The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (e.g. sales taxes or value added taxes). In determining the transaction price, IFRS 15 requires entities to give consideration to: - Any variable consideration - The existence of any significant financing component in the contract - Any non-cash consideration, and finally - Any consideration payable to a customer. Published on Sep 13, 2016 by BDO Global.

IFRS 15 - Step 2 - Identify Separate Performance Obligations (...
IFRS 15 - Step 2 - Identify Separate Performance Obligations (BDO) Having identified the contract in step one, a vendor is then required to identify the performance obligation(s) in the contract. Performance obligations are contractual promises to deliver distinct goods/services to customers. Consequently, it is necessary to identify whether a good or service is distinct. A good or service is distinct if : - The customer can benefit from the good or service either on its own or with other readily available resources; and - The promise to transfer a good or service is separately identifiable from other promises in contract. Published on Sep 13, 2016 by BDO Global.

IFRS 15 - Step 1 - Identify the Contract (BDO)
IFRS 15 - Step 1 - Identify the Contract (BDO) The contract should create enforceable rights and obligations for the entity and for the customer. The practices and processes for establishing contracts with customers vary across legal jurisdictions, industries, and entities. Contracts can be written, oral, or implied by the entity’s business practices. For IFRS 15 to apply all of the following criteria must be met: - The contract has commercial substance - The contract has been approved by all parties either in writing, orally, or in accordance with other customary business practices - The entity can identify each party’s rights regarding the goods or services to be transferred, and payment terms - The parties are committed to perform their respective obligations (note that this may not exist if there is significant doubt over the collection of payment) - The collection of consideration is probable. Published on Sep 13, 2016 by BDO Global

IFRS 15 - Overview IFRS 15 is a joint project between the International Accounting Standards Board and the US Financial Accounting Standards Board (FASB). However as a result of the Transition Resources Group discussions, the IASB and the FASB have both later made amendments to the standard. The IFRS and US GAAP amendments are not the same meaning that in certain respects the guidance is no longer converged and may continue to diverge, as the FASB has decided to continue to meet with its TRG constituents, whilst the IASB has decided not to hold further joint TRG meetings. The IASB Board members and staff attend US TRG meetings as observers. IFRS 15 sets out a single and comprehensive framework which sets out how much revenue is to be recognised, and when. It is effective for annual periods beginning on or after 1 January 2018 with early application permitted. The standard is complex, and can result in a change in the pattern of revenue and profit recognition for entities. Published on Sep 13, 2016 by BDO Global.

BDO global strategic alliance with Microsoft
BDO global strategic alliance with Microsoft BDO, one of the world’s most innovative international networks of public accounting, tax and advisory firms, worldwide technology and services collaboration with Microsoft will accelerate the digital transformation of their clients’ businesses.

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